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The Daily Pitch: VC

March 14, 2025

The Daily Pitch is powered by PitchBook’s industry-defining research and best-in-class data

🙏 VCs and their LPs have been hoping for an IPO rebound this year. But with instability pushing the VIX up, and the S&P 500 even closing in on correction territory Thursday, that recovery looks less certain. Read more

🧠 Techbio VCs are disrupting the biotech landscape by investing in platforms that cross biological domains, our latest analyst note explains. AI-powered drug discovery, synthetic biology and autonomous lab robots are some of the hottest areas of investment for this new era.

Dive into the strategies of the top specialist funds, the corporate kingmakers and the new blood investing in the space for the first time. Read it now

Plus...
• AI agents take center stage at HumanX conference
• Buyout fundraising took a blow in 2024

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AI agents take center stage at HumanX conference

(Josie Doan/PitchBook News)

AI agents took center stage at the first annual HumanX conference in Las Vegas. It was a four-day AI sprawl with some of the biggest names in venture and AI discussing and debating what comes next for the vertical—and how to get it into more hands.

"This shift to agents is going to define 2025," one OpenAI exec said.

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Private credit deals lag as political winds change

Direct lending activity began 2025 with a slow start, as M&A interest ebbed amid a shifting regulatory environment, according to the latest PitchBook LCD US Private Credit Monitor.

PE-backed deals continue to be a major driver of direct lending, although new issuance and LBO activity have declined. Healthcare and technology also remain key drivers, representing a combined 45% of total dealmaking in 2024.

download the report

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Since yesterday, the PitchBook Platform added:

17

VC valuations

2294

People

688

Companies

41

Funds

See what our data software can do

The Daily Benchmark:
2021 Vintage Global VC funds

Median IRR

0.80%

Top Quartile IRR

10.48%

0.0x

Median DPI

Select top performers

Resolution Ventures Fintech Fund I

KittyHawk Ventures Three

BlueYard Crypto 1

*IRR: net of fees

133 Funds in Benchmark »

Check out the latest version of PitchBook Benchmarks

VC Deals

Flock Safety, a startup developing security hardware including license plate readers and AI security cameras, raised a $275 million round led by Andreessen Horowitz at a $7.5 billion valuation.

Terabase raised a $130 million Series C led by SoftBank's Vision Fund 2 for its tech to scale solar projects.

Drug discovery startup Insilico Medicine raised a $110 million Series E led by Value Partners Group.

Lumafield, a company building industrial X-ray CT scanners, raised a $75 million Series C led by IVP.

Omni, which operates a business intelligence and data analytics platform, raised a $69 million Series B led by ICONIQ Growth at a $650 million valuation.

Estonia-based Blackwall, a cybersecurity company focused on bots, secured a €45 million Series B led by Dawn Capital.

New York-based Bria, a visual generative AI company building models trained on licensed data, raised a $40 million Series B led by Red Dot Capital.

Alloyed, a UK-based designer and manufacturer of metals for aerospace and electronics, raised a £37 million Series B led by Sparx and the Development Bank of Japan.

Perfuze, an Irish medical device startup, secured €22 million in a round led by investors including EQT Life Sciences, Earlybird and SV Health Investors.

PE Deals

Blackstone will buy a 40% stake in Indian real estate developer Kolte-Patil Developers for $134 million.

Azora will invest up to €2 billion to develop a data center in Zaragoza, Spain.

IK Partners agreed to acquire a minority stake in UK-based insurance and risk management company Seventeen Group.

Food processing and logistics company Freshway Foods has been acquired by Red Arts Capital from US Foods.

Exits

Advent International held informal discussions on the potentially $1 billion sale of Ultra Precision Control Systems, a Kansas-based on-board gas compressor manufacturer, Bloomberg reported.

STIC Investments-backed DN Solutions, a South-Korea based precision machinery manufacturer, is aiming for a Seoul IPO to raise up to $1 billion, Bloomberg reported.

Biotech company Bluejay Therapeutics, which develops drugs for viral and liver diseases, is considering a US IPO that could raise around $150 million, Bloomberg reported.

VC-backed Tastemade, a media company focused on food and cooking content, has been acquired by Dragoneer-backed food delivery startup Wonder for about $90 million, The Wall Street Journal reported.

VC-backed Peak, a UK-based decision intelligence platform developer, has been acquired by NYSE-listed UiPath.

Fundraising

New York-based Banner Ridge Partners launched Banner Ridge Secondary Fund VI with a $3.2 billion target, The Wall Street Journal reported.

Monarch Collective, a firm that invests exclusively in women's sports, increased the size of its fund from $150 million to $250 million.

Helsinki-based early-stage VC OpenOcean announced a fourth fund with a target of €130 million.

Italian early-stage investor Vento launched a €75 million fund to back Italian founders.

Investors

GSR Ventures will separate its businesses in the US and China and rename its US-based subsidiary Informed Ventures, Axios reported.

Chart of the Day

Source: 2024 Annual Global Private Market Fundraising Report

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PitchBook News - Hopes waver for IPO recovery

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